NEW YORK, April 27, 2026 (GLOBE NEWSWIRE) -- "1 gigawatt" of AI-powered infrastructure capacity. "Tangible progress across all fronts." Air permits "can typically be approved within 90 days." These were the promises New Era Energy & Digital, Inc. (NASDAQ: NUAI) made to shareholders. The reality, as alleged in a securities class action, was starkly different: zero permit applications filed, a fraudulent oil-and-gas scheme exposed by the New Mexico Attorney General, and a 41% single-day stock collapse that cost investors $1.87 per share.
Find out if you can recover your investment losses or contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.
Investors who purchased NUAI securities between November 6, 2024 and December 29, 2025 and suffered financial losses may be eligible for compensation. Shares closed at $2.69 following the final corrective disclosure on December 29, 2025.
The Promise
On October 6, 2025, the Company issued a press release announcing "significant progress on obtaining air permits" and stated it was "pursuing a minor source air permit" that "can typically be approved within 90 days." Management declared the Company was "making tangible progress across all fronts including engineering, permitting, regulatory filings, and land expansion." A November 2025 investor presentation filed with the SEC indicated that "phase two" regulatory permitting was "underway."
The Reality
On December 12, 2025, Fuzzy Panda Research reported that searches of Texas, New Mexico, and Federal government databases revealed that no permit applications of any kind had been submitted. According to the report: "We found NOTHING, not even an application." The lawsuit contends that the gap between public statements and verifiable government records was not a matter of timing or delay but rather a fundamental misrepresentation of the project's status.
The Numbers: Promised vs. Actual
- Air permit timeline promised: "typically approved within 90 days" of application; Actual: zero applications submitted as of December 2025
- Permitting status promised: "tangible progress" with phase two being "underway"; Actual: no filings found in any state or federal database
- Data center capacity promised: scaling to 1 gigawatt of AI infrastructure; Actual: lack of permitting efforts to build the data center campus suggests significant scaling delays
- Legacy oil-and-gas operations promised: legitimate revenue-generating assets; Actual: New Mexico AG lawsuit alleging a "fraudulent oil-and-gas scheme" to siphon revenue while abandoning environmental obligations
- Nine-month 2025 loss from operations: $8,136,783
What the Lawsuit Alleges About the Gap
The action claims that management knew, or recklessly disregarded, that its public statements about permitting progress had no basis in fact. The complaint further asserts that the Company's legacy oil-and-gas business, which was presented as a legitimate revenue source, was instead allegedly part of a broader pattern involving related-party transfers and strategic bankruptcies to evade asset retirement obligations. When two corrective reports exposed these gaps in December 2025, NUAI shares lost approximately 47% of their value across two trading sessions.
"Companies that make specific promises to investors about future performance have an obligation to disclose known risks to those projections. The contrast between what New Era Energy told shareholders about its permitting progress and what government databases actually showed raises serious questions about whether investors received accurate information." -- Joseph E. Levi, Esq.
LEAD PLAINTIFF DEADLINE: June 1, 2026
Speak with an attorney about recovering your NUAI losses or call (212) 363-7500.
About Levi & Korsinsky, LLP
Levi & Korsinsky, LLP is a nationally recognized shareholder rights firm. Over the past 20 years, the firm has secured hundreds of millions of dollars for aggrieved shareholders. Ranked in ISS Top 50 for seven consecutive years.
Frequently Asked Questions About the NUAI Lawsuit
Q: What specific misstatements does the NUAI lawsuit allege? A: The complaint alleges New Era Energy made materially false or misleading statements regarding its permitting progress for the Texas Critical Data Centers project and concealed a fraudulent oil-and-gas scheme involving related-party well transfers. When the true state was revealed through two corrective reports in December 2025, the stock price declined sharply.
Q: When did New Era Energy allegedly mislead investors? A: The class period runs from November 6, 2024 to December 29, 2025. The alleged fraud was revealed through corrective disclosures on December 12, 2025 and December 29, 2025, causing a combined stock decline of approximately 47%.
Q: What do NUAI investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at jlevi@levikorsinsky.com or (212) 363-7500. No immediate action is required to remain eligible as a class member.
Q: What if I already sold my NUAI shares, can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold them. Investors who bought during the class period and sold at a loss may still participate.
Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. You submit a claim form to receive your portion of recovery.
Q: What does it cost me to participate? A: Nothing. Securities class actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.
Q: What if I missed the lead plaintiff deadline? A: The deadline applies only to investors seeking lead plaintiff appointment. Class members who miss it can still participate in any settlement or recovery.
CONTACT:\
Levi & Korsinsky, LLP\
Joseph E. Levi, Esq.\
Ed Korsinsky, Esq.\
33 Whitehall Street, 27th Floor\
New York, NY 10004\
Tel: (212) 363-7500\
Fax: (212) 363-7171
